ISLAMABAD
Gold prices in the local market increased on Friday amid a surge in the international prices, and the price of one tola of 24-karat gold reached Rs221,200.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of 24-karat gold increased to Rs221,200 from Rs220,200, showing an increase of Rs1,000 per tola. Similarly, the gold price for 10 grams of 24-karat increased to Rs189,650 from Rs188,786, showing an increase of Rs864.
The 22-karat gold rate in the country for a single tola increased to Rs202,765 while for 10 grams, the price surged to Rs173,845.
On the other hand, as of 1335 hours GMT, gold futures in the international market were available at $1,942.70 per ounce, showing an increase of $9.40 (+0.49 percent). Out of the $9.40 per ounce increase, +$8.90 was due to weakening of the US dollar and +$0.50 was due to predominant buyers, according to Kitco Gold Index.
Gold price climbed above $1,940 after the benchmark 10-year US Treasury bond yield erased its daily gains following the US July jobs report, which showed a less-than-expected 187,000 increase in Nonfarm Payrolls, and helped gold gain traction. Gold prices traded back and forth as investors were sidelined ahead of the United States Nonfarm Payrolls (NFP) report. The precious metal struggled to deliver a decisive move as the labour market report will set a fresh undertone for the Federal Reserve’s September monetary policy.
Preliminary consensus is in favor of further resilience in the labour market despite aggressive rate-tightening by the central bank and tight credit conditions. Thursday’s economic calendar failed to trigger action in the gold price despite the US Services PMI under-performed in July and the labour cost index grew at a slower pace in the April-June quarter.
